Gov. Pat Quinn said Tuesday the state has been warned by bond rating agencies of “consequences” if it doesn’t take steps to stabilize revenue and spending by May 31.

Speaking to The State Journal-Register editorial board, Quinn said the message was conveyed “in no uncertain terms by the those who buy our bonds and the credit rating agencies that judge our state’s credit.”

“They said, ‘You did this pension reform. What you have to do now is you have to have a permanent structure for your revenue and expenditures and they have to be in balance,’” Quinn said. “You cannot have a temporary situation, you must be permanent. It can’t be maybe, maybe. It has to be definite. That’s what we were told very bluntly, and they said if you don’t get it done by May 31 of this year, you’ll probably suffer the consequences shortly thereafter in your rating.”

Gov. Pat Quinn said Tuesday the state has been warned by bond rating agencies of “consequences” if it doesn’t take steps to stabilize revenue and spending by May 31.

Speaking to The State Journal-Register editorial board, Quinn said the message was conveyed “in no uncertain terms by the those who buy our bonds and the credit rating agencies that judge our state’s credit.”

“They said, ‘You did this pension reform. What you have to do now is you have to have a permanent structure for your revenue and expenditures and they have to be in balance,’” Quinn said. “You cannot have a temporary situation, you must be permanent. It can’t be maybe, maybe. It has to be definite. That’s what we were told very bluntly, and they said if you don’t get it done by May 31 of this year, you’ll probably suffer the consequences shortly thereafter in your rating.”